New KnCMiner Owners Seek to Revive Bitcoin Firm With Acquisition

A preliminary sale that would find bitcoin mining firm KnCMiner continuing under new ownership has been approved, according to those close to the deal.

Speaking to CoinDesk, court-appointed receiver Nils Åberg today confirmed that a sales agreement was reached on Friday with a Swedish firm called GoGreenLight. Founded for the purpose of completing the acquisition, GoGreenLight is a new sister company to Borderlight, an Uppsala-based IT and telecom firm founded in 2000.

Notably, Borderlight’s Sten Oscarsson said that GoGreenLight could continue to operate KnC’s bitcoin mining pool and data centers once it assumes leadership.

Oscarsson told CoinDesk:

“We will run the mining to the extent that it is profitable, but in addition to our core business. We have a strategy to solve their current problems. It’s most likely the case that we’ll be a player.”

Oscarsson said his firm is aware of the struggles KnCMiner had in adapting its model from one focused on direct-to-consumer sales to one focused on industrial mining, but that it could acquire talent as part of the deal.

“It was one of the few operations that had successfully competed on the world market,” he continued.

While GoGreenLight is in discussions to hire members of the KnC team, no previous owners are involved with the acquiring firm, he added.

The developments follow an update from Åberg in July in which he suggested KnCMiner, which entered bankruptcy in May, was considering multiple buyers.

However, he indicated the GoGreenLight team provided the most compelling of all proposals.

“This was the best alternative for the estate and the creditors,” Åberg said.

Åberg further said that “additional considerations” needed to be finalized before the sale was properly concluded.